Today, sustainability is non-negotiable. More than any other industry, energy and utility executives around the globe have adopted a laser focus on reducing their carbon footprint to create sustainability-related operational changes. Unfortunately, these changes are not simple. Companies are conducting extensive research and crafting long-term goals to meet the requirements of the modern world. From BP expanding its solar and wind investments to Exxon exploring the use of algae as biofuel, the future of sustainability will be diverse, complex, and necessary.
However, the importance of sustainability goals and reporting can sometimes become murky. After all, oil and gas infrastructure is crucial to our day-to-day functioning. So why does sustainability matter?
Energy Diversification
With the ongoing war in Ukraine, we have seen oil prices rocket to the highest prices in over a decade. We’re reminded of the reality that oil and gas prices are nearly impossible to predict, which is why oil alternatives can help protect us from rapid and unpredictable price increases. The markets would be much more insulated from volatile oil prices with sustainable energy developments. Not only does this protect the average consumer but energy companies as well.
Climate
Focusing on sustainable energy solutions is critical to societies across the globe. Taking actions to make energy more sustainable will improve air quality, decrease the spread of diseases, and help protect ecosystems. However, sustainability is ultimately a balancing act, and efforts to make energy more sustainable can improve the quality of life for future generations.
Government Regulations
Across the world, governments are incentivizing oil, gas, and energy companies to adopt sustainable solutions to reduce their carbon footprint. Efforts include the European green deal, the United Nations’ Paris Agreement, the United States’ 17 Sustainable Development Goals (SDGs), and more. These efforts include subsidies to businesses or consumers that adopt sustainable behaviors. The goal is to incentivize people to reduce greenhouse gas emissions to make the world greener and protect it for generations.
Digitalization
Technological advancements are why the possibility of oil and gas alternatives is possible. Digital technologies increase safety, productivity, and accessibility across the globe. Artificial intelligence technologies can monitor consumption and plan how to store information and grid stability efficiently. Further, digital channels allow for efficient integration and regulation of energy alternatives. The role of digitalization is vast in the energy space, and using the results to integrate efficient solutions is a must.
Ultimately, increasing sustainability isn’t easy. Diversification increases complexity, and sustainability can become a massive obstacle without attention to detail. Luckily, you don’t have to navigate your sustainability journey alone. NTG Environmental is here to walk alongside you during your journey to ensure that your business can determine a practical way forward that meets your company’s unique needs. If interested in partnering with us, contact us today. We would love to work with you.